Farther Raises Another $15M for its Tech-Enabled Wealth Management Firm – AlleyWatch
The pandemic drove a renewed interest in personal finance and how people managed their finances. It’s also led to a wave of innovation in the wealth management industry. The industry is also seeing a new generation of investors ushering in expectations that differ from older investors that have long relied on the legacy management model. The transfer of assets from boomers to the next generation will only accelerate this trend. Farther is a tech-enabled wealth management firm that is built to address the needs of today’s savvy, next-generation clients. The company blends cutting-edge automation with the comfort of working with skilled and dedicated advisors in addition to access to vetted experts that include financial planners, estate attorneys, CPAs, and insurance specialists. The company has quadrupled its assets under management (AUM) to $250M in the past year and has scaled to a team of 50+ as it looks to disrupt the $38T industry.
AlleyWatch caught up with Farther Cofounders Taylor Matthews and Brad Genser to learn more about the business, the company’s strategic plans, latest round of funding, and much, much more…
Who were your investors and how much did you raise?
Farther raised $15M in a Series A funding round – which was oversubscribed. The round was led by Bessemer Venture Partners and included Khosla Ventures and MassMutual Ventures as new investors. They join existing investors, Moneta Venture Capital, Context Ventures, and Cota Capital.
This funding round brings the total amount raised since Farther’s founding in 2019 to $22M and boosts our valuation to $50M.
Tell us about the product or service that Farther offers.
Farther is a new kind of financial institution that combines expert advisors and advanced technology to deliver a comprehensive and personalized client experience.
Our company has developed a custom tech platform, offering clients a holistic view of their financial life in one, centralized location. Farther’s technology also reduces the amount of time its advisors spend on administrative tasks, so they can spend more time with their clients and grow their business. Farther advisors are employed directly by Farther and use the cutting-edge platform as a central hub.
What inspired the start of Farther?
Farther was born out of frustration with the state of the wealth management industry, which doesn’t work for many advisors and provides a subpar experience for most clients. Traditional firms were using antiquated, bolted-together technology solutions; and advisors were spending a substantial amount of their time on low-value work or administrative tasks.
Although there’s been a proliferation of …….